Alitalia CEO Resigns Just Months Into Restructuring Job.

 
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New York (AirGuideBusiness - Business & Industry Features) - Fri, Sep 18, 2015 Silvano Cassano, chief executive of Alitalia, has resigned with immediate effect after less than a year in the job. Alitalia last year picked Cassano as CEO of the new company formed when Etihad agreed to buy a 49 percent stake in the Italian airline as part of a EURa[logical not]1.76 billion (USD$2 billion) rescue plan. Cassano, 58, is leaving for personal reasons and his duties will be shared between other executives until a replacement is found, Alitalia said, with a spokesman adding that Cassano's departure was unrelated to the airline's financial performance. Hours after announcing Cassano's departure, Alitalia reported a net loss of EURa[logical not]130 million (USD$148 million) in the first half of 2015, which it said was better than it had budgeted for. It said the loss had increased by EURa[logical not]30 million in the second quarter from the first and had been affected by a fire in May at Rome's Fiumicino airport, which had cost it EURa[logical not]80 million. Alitalia has been loss-making for years but after the tie-up with Etihad it forecast a return to profitability by 2017, a target it confirmed on Friday. However, a change at the helm so early into its latest restructuring does not bode well for the company's recovery path, said Andrea...

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